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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2009-05-11 00:00:00",
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  "notes": "The slide uses a rhetorical structure to frame the board's inaction as a failure of fiduciary duty.",
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      "kind": "callout",
      "text": "Pershing Square’s past suggestions may not have been the perfect solution, but why was Target’s board unwilling to explore other real estate strategic alternatives?",
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      "text": "Given the stock market’s discounted valuation of Target’s vast real estate holdings, shouldn’t the board be willing to investigate opportunities to create value?",
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      "text": "Pershing Square made several suggestions to Target, including a tax-free 19.9% REIT IPO, which Pershing Square believed would: Improve Target’s access to the capital markets; Maintain its strong investment grade credit ratings; Allow Target to maintain control over its buildings and brand; Highlight the value of Target’s greater than 200 million sq ft of real estate",
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      "kind": "title",
      "text": "Questions to Ask",
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